Urbanimmersive Acquires IMOTO and RocketPhoto

SAINT-HUBERT, Quebec, Dec. 13, 2021 (GLOBE NEWSWIRE) — Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”) (TSX VENTURE: UI) (OTCQB: UBMRF) is pleased to announce having completed the acquisition of all the units of the real estate photography agency IMOTO LLC (‘IMOTO’) and all of the units of Stilio LLC, owner of the real estate marketplace RocketPhoto for a total purchase price of $5.0M with $1.8M paid in cash at closing, $297k paid through the immediate issuance of 349,828 shares of the Company at a price of $0.85, $2.7M paid through issuance of 3,157,115 shares of the Company at a price of $0.85 per share on January 3rd, 2022, $0.2M as a balance of sale payable upon approval of the closing financial statements, plus contingent share payments (earn-outs) totaling up to $2.3M payable in 3 equal annual payments of up to $771k each, with payments being conditional on IMOTO minimum revenue growth milestones to be met over the next three years. All shares issued today and on January 3rd, 2022 are subject to a 6-month minimum holding period. Read More